Lead Ingot Social Inventory Down 600 mt From Sep 30

SHANGHAI, Oct 8 (SMM) – The social inventory of lead ingots across Shanghai, Guangdong, Zhejiang, Jiangsu and Tianjin decreased about 600 mt from September 30 and fell 10,300 mt from September 27 to 205,600 mt as of October 8.

The production in both supply and demand sides was affected by the extended power rationing. The secondary lead smelters that reduced or suspended production before the National Day holiday have not resumed production yet. The primary lead brands in Hunan will start the routine maintenance. The supply will shrink more significantly. The downstream companies mostly took the holidays for 1-3 days. The social inventory of lead ingots continued to fall after the holiday, but the decrease slowed down. The SHFE 2110 lead contract will be delivered next week. The in-plant stocks of primary lead increased during the holiday, and the stocks may be transferred to the delivery warehouses.